Salix swings to loss in 1st-qtr 2008
Salix Pharmaceuticals' shares dropped 7% to $6.43 on May 7, after the US drugmaker posted a first-quarter 2008 loss of $24.0 million, or $0.50 per diluted share, versus a profit of $2.8 million, or $0.06 per share, in the comparable period the year before.
The firm's results were impaired by generic pressure on its best-selling product Colazal (balsalazide disodium). Turnover of the inflammatory bowel disease drug plummeted to $1.3 million vs $30.1 million, while total company revenues almost halved to $34.3 million from $59.8 million. The average estimate from an analyst poll conducted by Thomson Financial was a loss of $0.46 per share on sales of $37.45 million.
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